TP
LP profile
The Pension Benefit Guaranty Corporation (PBGC)
Pension fund · Founded 1974 · Alexandria, United States
171
VC firms backed
$123B
AUM
~$1.2B
Allocated to VC (est. 1%)
01 · Background
Who The Pension Benefit Guaranty Corporation (PBGC) is.
- Historical Background
- The Pension Benefit Guaranty Corporation (PBGC) was established in 1974 under the Employee Retirement Income Security Act (ERISA). Its creation was a response to the termination of several large pension plans in the 1960s and 1970s, which left many retirees with a fraction of their promised benefits.
- Source of Capital
- The PBGC is a self-financing federal corporation and does not use taxpayer dollars for its operations. Its primary sources of funding are insurance premiums paid by the sponsors of defined-benefit pension plans, assets from terminated plans that it takes over, and investment income.
- Allocation Strategy
- The PBGC's investment policy is designed to ensure the agency can meet its long-term obligations to retirees. The allocation strategy involves a diversified portfolio, with a significant portion invested in a custom liability-driven investing (LDI) fixed-income portfolio designed to hedge interest rate risk. A smaller portion of the portfolio is allocated to return-seeking assets, including equities and other growth-oriented investments, to improve the agency's overall financial position.
02 · Fund commitments
The funds The Pension Benefit Guaranty Corporation (PBGC) backs.
The Pension Benefit Guaranty Corporation (PBGC) is a limited partner in 171 funds. 38 of them place in the Power Law Investor Ranking; those lead, best-ranked first.
Accel
#4 Power Law
New Enterprise Associates
#8 Power Law
Khosla Ventures
#12 Power Law
Kleiner Perkins
#18 Power Law
Insight Partners
#23 Power Law
IDG Capital
#27 Power Law
Redpoint
#42 Power Law
CRV
#49 Power Law
Spark Capital
#51 Power Law
Atlas Venture
#53 Power Law
Battery Ventures
#54 Power Law
General Atlantic
#60 Power Law
TCV
#67 Power Law
SAIF Partners
#159 Power Law
Advantage Partners
Aermont Capital
AEW Invest
Alchemy Partners
Apax Partners
Ascend Technology Ventures
AsiaVest Partners
BC Partners
Carlyle Cardinal Ireland - CCI
Charterhouse Capital Partners
CID Group
Cinven
Coller Capital
CVC Capital Partners
Enterprise Investors
EQT Group
03 · Allocation
How The Pension Benefit Guaranty Corporation (PBGC)’s fund book is spread.
The 171 funds The Pension Benefit Guaranty Corporation (PBGC) backs, by where the manager is headquartered and how many funds that manager has raised.
Where those managers are based
By fund headquarters.
- North America 14887%
- Europe 1710%
- Rest of world 64%
United States 148 · United Kingdom 10 · Ireland 2 · Sweden 2
How established those managers are
Managers grouped by how many funds they have raised — across the 98 of 171 with a fund history on record.
Emerging funds · 33
Established funds · 65
15
1
9
2
9
3
9
4
10
5-6
17
7-9
13
10-14
16
15+
Funds raised by the manager
04 · Other LPs
Other LPs.
Other pension funds in the Power Law LP ranking, closest to The Pension Benefit Guaranty Corporation (PBGC) by combined power-law score — North America first, then the nearest worldwide.
🇺🇸
UTIMCO
$66B AUM
140 VC funds backed
🇺🇸
MIT Basic Retirement Plan
$3.0B AUM
60 VC funds backed
🇺🇸
SBC Master Pension Trust
$58B AUM
92 VC funds backed
🇺🇸
Liberty Mutual Retirement Benefit Plan
$100B AUM
59 VC funds backed
🇺🇸
University of California Board of Regents
$152B AUM
69 VC funds backed
🇺🇸
Operating Engineers Trust Fund of Washington D.C. and Vicinity
$1.5B AUM
52 VC funds backed
🇺🇸
Lucent Technologies Master Pension Trust
$13B AUM
52 VC funds backed
🇺🇸
Bell Atlantic Master Trust
$8.0B AUM
55 VC funds backed